Lao central bank vows to handle foreign currency reserves more effectively

VIENTIANE, June 6 (Xinhua): Laos' central bank, the Bank of the Lao PDR (BOL), has set up a new department to help increase the flow of foreign currency through the banking system and effectively handle foreign currency reserves.

The Foreign Exchange Management Department will also lead efforts to stabilize the value of the Lao kip against foreign currencies and encourage greater circulation of domestic currency and goods, so that the national currency maintains a stable value and makes a stronger contribution to socio-economic development, the Lao National Television reported on Monday.